Province, City, CentreVentre Partner to Turn Private Sector Investment into Streetscape Improvements within Sports, Hospitality and Entertainment District (SHED)
WINNIPEG - April 11, 2012 - The Province of Manitoba and the City of Winnipeg are providing tax increment financing support for CentreVenture's strategy to stimulate private and public investment downtown with a focus on the blocks surrounding Portage Avenue, Premier Greg Selinger and Mayor Sam Katz announced today.
"Downtown Winnipeg is undergoing a truly remarkable renaissance that's really just getting started," said Selinger. "This plan will allow us to take full advantage of the private sector investment we are once again seeing in the downtown by investing some of the new tax revenue back into streetscape improvements. For Winnipeggers and visitors alike this will mean more interesting and attractive downtown public spaces that have the potential to spur further development."
CentreVenture has developed a Downtown Portage Avenue Development strategy based on the four Portage Avenue districts (university; retail; sports, hospitality and entertainment; and commercial). The province and city will provide tax increment financing to support the development of an exciting Sports, Hospitality and Entertainment District (SHED) in an 11 block area between the MTS Centre and the Winnipeg Convention Centre. A joint Manitoba/Winnipeg/CentreVenture steering committee will adopt a master plan for SHED and identify projects and incentives that will enhance and stimulate private and public investment in the district.
"Winnipeg's downtown is undergoing an intense period of revitalization," said Katz. "By supporting the development of a sports, hospitality and entertainment district, we can help turn our downtown into a destination all on its own - a place where students, professionals and families want to hang out in their free time."
"We will continue to work closely with the province and the City of Winnipeg to ensure that the full benefits and opportunities are realized in our sports and entertainment district," said Ross McGowan, president and CEO of CentreVenture Development Corporation. "It is important that we guide and influence such growth and capitalize on the incremental taxes as the economic engine for the implementation of the broader Portage Avenue Development Strategy."
Tax increment financing (TIF) is a tool that allows the city and the province to use the increased property value created by a significant development, like the Longboat/Alt Hotel project across from the MTS Centre, to finance projects or incentives that support economic and social development in the surrounding area.
Changes are happening in downtown Winnipeg and the positive results are encouraging more interest in future developments. New condominiums and apartments are being created and more Winnipeggers are choosing to live downtown. TIF will be used to stimulate and protect private and public investment and keep the momentum going in the downtown. This initiative supports the ongoing downtown revitalization work under Manitoba's Winnipeg Regeneration Strategy.
For further information on Infrastructure Canada's projects in Manitoba, visit infrastructure.gc.ca. To learn more about Canada's Economic Action Plan, visit www.actionplan.gc.ca.
To learn more about Manitoba's infrastructure projects, please visit www.infrastructure.gc.ca.
